CIK 1317410
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Utilities | 26.83% | 5 |
| Chemicals | 14.68% | 4 |
| Oil, Gas & Consumable Fuels | 13.75% | 4 |
| Automobiles & Components | 12.59% | 2 |
| Unclassified | 11.02% | 3 |
| Equity Real Estate Investment Trusts (REITs) | 5.71% | 1 |
| Diversified Consumer Services | 4.93% | 2 |
| Health Care Providers & Services | 4.85% | 1 |
| Hotels, Restaurants & Leisure | 1.87% | 1 |
| Distributors | 1.63% | 1 |
| Diversified Telecommunication Services | 1.59% | 1 |
| Technology Hardware & Equipment | 0.55% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ET | Energy Transfer LP | Utilities | 9.34% |
| 2 | GTX | Garrett Motion Inc. | Consumer Discretionary | 7.81% |
| 3 | CE | Celanese Corp | Materials | 7.07% |
| 4 | DHC | DIVERSIFIED HEALTHCARE TRUST | Real Estate | 5.71% |
| 5 | TLN | Talen Energy Corp | Utilities | 5.15% |
| 6 | EXE | EXPAND ENERGY Corp | Energy | 5.02% |
| 7 | BKD | Brookdale Senior Living Inc. | Health Care | 4.85% |
| 8 | DCH | Dauch Corp | Consumer Discretionary | 4.78% |
| 9 | NRG | NRG ENERGY, INC. | Utilities | 4.71% |
| 10 | VST | Vistra Corp. | Utilities | 4.04% |
23/26 names classified · sector 89.0% of weight · industry 89.0% · mkt cap 88.0%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 89.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 50.6% of book weight (14/26 names) · unclassified 49.4%: ET, DHC, TLN, BKD, DCH, GDX, GDXJ, RIG, GSL, SDRL +2 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | ETENERGY TRANSFER L P | 900,000 | $17M | 9.3% | TRIM −3% |
| 2 | GTXGARRETT MOTION INC | 800,000 | $15M | 7.8% | TRIM −11% |
| 3 | CECELANESE CORP DEL | 200,000 | $13M | 7.1% | TRIM −15% |
| 4 | DHCDIVERSIFIED HEALTHCARE TR | 1,600,000 | $11M | 5.7% | TRIM −47% |
| 5 | TLNTALEN ENERGY CORP | 30,000 | $10M | 5.1% | ADD 88% |
| 6 | EXEEXPAND ENERGY CORPORATION | 85,000 | $9M | 5.0% | ADD 13% |
| 7 | BKDBROOKDALE SR LIVING INC | 660,000 | $9M | 4.9% | HOLD |
| 8 | DCHAMERICAN AXLE & MFG HLDGS IN | 1,500,000 | $9M | 4.8% | TRIM −30% |
| 9 | NRGNRG ENERGY INC | 60,000 | $9M | 4.7% | ADD 62% |
| 10 | VSTVISTRA CORP | 50,000 | $8M | 4.0% | ADD 108% |
| 11 | DOWDOW HLDGS INC | 180,000 | $7M | 4.0% | ADD 20% |
| 12 | GDXVANECK ETF TRUST GOLD MINERS ETF | 80,000 | $7M | 3.9% | HOLD |
| 13 | GDXJVANECK ETF TRUST | 60,000 | $7M | 3.9% | HOLD |
| 14 | PCGPG&E CORP | 380,000 | $7M | 3.6% | TRIM −31% |
| 15 | LINCLINCOLN EDL SVCS CORP | 150,000 | $6M | 3.3% | TRIM −25% |
| 16 | RIGTRANSOCEAN LTD | 900,000 | $6M | 3.2% | TRIM −50% |
| 17 | GSLGLOBAL SHIP LEASE INC NEW | 160,000 | $6M | 3.2% | HOLD |
| 18 | EQTEQT CORP | 90,000 | $6M | 3.1% | ADD 50% |
| 19 | LYBLYONDELLBASELL INDUSTRIES N | 60,000 | $5M | 2.6% | NEW |
| 20 | SDRLSEADRILL LTD | 100,000 | $5M | 2.4% | TRIM −50% |
| 21 | THTARGET HOSPITALITY CORP | 375,000 | $3M | 1.9% | TRIM −25% |
| 22 | UTIUNIVERSAL TECHNICAL INST INC | 85,000 | $3M | 1.6% | NEW |
| 23 | POOLPOOL CORP | 15,000 | $3M | 1.6% | NEW |
| 24 | LUMNLUMEN TECHNOLOGIES INC | 425,000 | $3M | 1.6% | TRIM −19% |
| 25 | BAKBRASKEM S A | 500,000 | $2M | 1.0% | NEW |
| 26 | SMCISUPER MICRO COMPUTER INC | 45,000 | $1M | 0.6% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ETENERGY TRANSFER L P | 1.3M | 1.2M | 1.2M | 1.1M | 929K | 900K | $17M |
| GTXGARRETT MOTION INC | 1.1M | 950K | 900K | 1.0M | 900K | 800K | $15M |
| CECELANESE CORP DEL | — | — | — | — | 235K | 200K | $13M |
| DHCDIVERSIFIED HEALTHCARE TR | 4.8M | 4.1M | 3.9M | 3.6M | 3.0M | 1.6M | $11M |
| TLNTALEN ENERGY CORP | — | — | — | — | 16K | 30K | $10M |
| EXEEXPAND ENERGY CORPORATION | 81K | 61K | 61K | 40K | 75K | 85K | $9M |
| BKDBROOKDALE SR LIVING INC | — | — | — | — | 660K | 660K | $9M |
| DCHAMERICAN AXLE & MFG HLDGS IN | 668K | 500K | 600K | 300K | 2.2M | 1.5M | $9M |
| NRGNRG ENERGY INC | 33K | 60K | 60K | 60K | 37K | 60K | $9M |
| VSTVISTRA CORP | — | — | — | — | 24K | 50K | $8M |
| DOWDOW HLDGS INC | — | — | — | — | 150K | 180K | $7M |
| GDXVANECK ETF TRUST GOLD MINERS ETF | — | — | 155K | 110K | 80K | 80K | $7M |
| GDXJVANECK ETF TRUST | — | — | 95K | 84K | 60K | 60K | $7M |
| PCGPG&E CORP | — | — | — | 135K | 550K | 380K | $7M |
| LINCLINCOLN EDL SVCS CORP | — | — | — | — | 200K | 150K | $6M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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